Homeowner Associations (HOAs)

Association Management, Inc. is adept at providing the professional services your community may require. We have chronicled a few of the circumstances that one of our newer clients recently faced.

Problem - The community was self managed and the Board of Directors was unaware of recent changes associated with common area tax parcels and property tax bills.

Solution - We verified that the current tax bills for the common areas were being assessed at -0- and we filed the appropriate documentation for a refund of the previous year’s payment for the same tax parcels. A full refund was recovered.

Problem - Comprehensive financial statements were not being provided to the Board of Directors on a regular basis and the information being provided was incomplete and less than accurate.

Solution - We met with the current bookkeeper to review the outstanding issues and to properly document various transactions in order to reflect accurate and comprehensive financial statements containing the necessary detail and the proper fund accounting format.

Problem - Accounts Receivables were extremely high and were having a negative impact on cash flow.

Solution - We reviewed each outstanding delinquency and mailed each respective owner a summary of their account balance. We were able to collect many of the outstanding balances from this act alone. Other owners were mailed collection letters that carefully complied with the Federal Debt Collection Procedures Act. Accounts Receivables have been drastically reduced as effort continues with respect to select accounts.

Problem - Rule infractions and covenant violations were on the rise as it appeared to many that the Board of Directors were not enforcing the Association’s Restrictive Covenants.

Solution - A property inspection was completed throughout the entire community with members from the Board of Directors and various violations were noted. Letters were mailed to the respective owners which properly documented the violation, the corrective action required and a time-line to comply with the request. A follow-up inspection was completed to ensure compliance.